British apathy causing GBP2.3 trillion protection gap
Wed, 12 Mar 2008
Some 20 million British adults do not have any form of life or income related protection and so are leaving themselves exposed to unnecessary financial risks.

A poll by Norwich Union revealed the levels of apathy to protection. It found more than a third (37%) of those without life insurance said this was because it was still on their ‘to list’ or that they had not even thought about it. Currently there is a £2.3 trillion protection gap in the UK, which leaves a large proportion of the population, said the insurer .

Darren Dicks, head of protection marketing from Norwich Union, said: "These findings are cause for concern as they suggest many people are taking an 'it won't happen to me' approach to protection. Around 52% of UK adults have no life cover at all and the remainders are either underinsured or unsure about what type of cover they hold.

"Many people wait until they have a particular event in their lives, such as a house purchase or the birth of a child before they purchase life cover, but people should not take the view that they need to wait."
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